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Financial Data and Key Metrics Changes - In Q3 2025, adjusted EPS grew by 32% to $1.84, with total company revenue increasing by 23% year-over-year [4][8] - Adjusted EBITDA is expected to exceed $500 million, implying approximately 20% growth year-over-year [4][11] - Consolidated segment income grew by $32 million, or 28%, to $146 million, with a segment margin increase of 110 basis points [8] Business Line Data and Key Metrics Changes - HVAC segment revenue grew by 15.5% year-over-year, with 6.7% inorganic growth and a nominal FX impact [8] - Detection & Measurement segment revenue increased by 38.4% year-over-year, with strong organic growth of 26.5% [9] - Segment backlog for HVAC was $579 million, up 7% sequentially, while Detection & Measurement backlog was $366 million [8][9] Market Data and Key Metrics Changes - Strong demand in key end markets for HVAC, particularly in data centers and healthcare [12] - Detection & Measurement segment shows steady run-rate demand, with modest growth anticipated [12][22] Company Strategy and Development Direction - The company is focusing on organic growth initiatives, including expansion plans for engineered air movement businesses and the launch of the Olympus Max product [5][6] - The M&A pipeline remains robust with several attractive opportunities identified [5][29] - The company is raising full-year guidance, reflecting confidence in market conditions and operational performance [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustained growth across HVAC and Detection & Measurement segments, with a strong backlog supporting future performance [12][22] - There are expectations for modest headwinds in 2026 due to project sales shifting from early 2026 into 2025 [12] - Management remains optimistic about the future, citing a proven strategy and capable team [13][14] Other Important Information - The company raised additional capital through an equity offering, increasing liquidity by more than $1 billion without diluting 2025 EPS [5][10] - Adjusted free cash flow for Q3 was approximately $91 million, with expectations for Q4 to be the highest cash flow-generating quarter of the year [10] Q&A Session Summary Question: Visibility into 2026 and growth platforms - Management feels positive about HVAC businesses, particularly in data centers and healthcare, with some modest growth in industrial markets [20][21] Question: Update on KTS, Sigma, and Omega integration - KTS is performing well, with positive technology integration, while Sigma and Omega are at an earlier stage but showing promise [26][27][29] Question: Capacity expansion plans - The TAMCO facility in Tennessee is set to begin production in Q1, while Ingenia's expansion will be larger and is still being finalized [36][39] Question: Opportunities in the nuclear market - The company has a strong position in existing nuclear cooling tower markets but does not foresee new nuclear opportunities in the near term [44][46] Question: Push-outs of large projects related to data centers - Management has not observed significant push-outs, noting high demand from key customers [54][55] Question: Consumer headwinds in HVAC - The residential segment is primarily replacement demand and has not seen a slowdown; commercial segments remain strong [56][58] Question: Adoption expectations for Olympus Max product - The company is on track to achieve $50 million in bookings for Olympus Max, with potential for rapid growth thereafter [68][69] Question: M&A pipeline and appetite for larger deals - The company maintains a disciplined approach to M&A, with a robust pipeline but no change in strategy despite increased balance sheet capacity [91][92]

Core Insights - SPX Technologies, Inc. reported strong third-quarter results for 2025, with significant year-over-year profit and margin growth across both segments, leading to an increase in full-year guidance for earnings [2][4] Financial Performance - Revenue for Q3 2025 reached $592.8 million, a 22.6% increase from $483.7 million in Q3 2024 [3][4] - Operating income rose to $97.1 million, up 23.1% from $78.9 million year-over-year [3][4] - Income from continuing operations increased by 24.0% to $63.1 million compared to $50.9 million in Q3 2024 [3][4] - GAAP EPS for Q3 2025 was $1.29, reflecting a 19.4% increase from $1.08 in Q3 2024 [3][4] - Adjusted EBITDA for Q3 2025 was $136.1 million, up 30.9% from $104.0 million in Q3 2024 [3][4] Segment Performance - HVAC segment revenue for Q3 2025 was $387.4 million, a 15.5% increase from $335.3 million in Q3 2024, with segment income rising to $94.4 million [6][29] - Detection & Measurement segment revenue increased by 38.4% to $205.4 million from $148.4 million in Q3 2024, with segment income growing to $51.7 million [8][29] Guidance Update - The company raised its full-year 2025 earnings guidance, projecting Adjusted EBITDA in the range of $495 to $515 million, representing a 20% year-over-year increase at the midpoint [2][4] - Revenue guidance for 2025 is maintained at $2.225 to $2.275 billion, indicating a ~13% year-on-year growth at the midpoint [4][13] Strategic Initiatives - The company is focusing on operational efficiencies and has a robust pipeline of acquisition opportunities, supported by a strengthened balance sheet following recent refinancing and equity raises [2][4] - Key organic initiatives include expansion plans for Engineered Air Movement businesses and the launch of the Olympus Max product [2]